The Ether Machine, an institutional-grade Ethereum (ETH) yield and infrastructure company, recently announced the addition of 15,000 ETH to its balance sheet. The purchase coincided with Ethereum’s 10-year anniversary.
The Ether Machine Continues To Stack ETH
In a recent announcement, The Ether Machine confirmed it had purchased nearly 15,000 ETH for $56.9 million, at an average price of $3,809 per ETH. The acquisition coincides with a major milestone for the Ethereum network.
For the uninitiated, The Ether Machine was established earlier this year through a business combination between The Ether Reserve and Nasdaq-listed Dynamix Corp. The transaction – set to close in Q4 2025 – aims to take the company public under the ticker symbol ETHM with a fundraising target of $1.6 billion.
The latest ETH purchase brings The Ether Machine’s total holdings to 334,757 ETH. According to the company, it still holds approximately $407 million in cash earmarked for future ETH acquisitions. Commenting on the development, Andrew Keys, Chairman and Co-Founder, stated:
We couldn’t imagine a better way to commemorate Ethereum’s 10th birthday than by deepening our commitment to Ether. We are just getting started. Our mandate is to accumulate, compound, and support ETH for the long term – not just as a financial asset, but as the backbone of a new internet economy.
It should be recalled that Keys recently made headlines for publicly favoring Ethereum over Bitcoin (BTC). He compared ETH’s dominance in the stablecoin space to Google’s dominance in search.
Notably, the 15,000 ETH purchase was funded from $97 million in cash proceeds raised through a previously announced private placement. The firm noted that additional ETH purchases are expected in the coming days.
Following the acquisition, The Ether Machine climbed to third place on the list of companies with the largest ETH reserves, according to data from StrategicETHReserve. It now trails only Bitmine Immersion Tech (625,000 ETH) and SharpLink Gaming (438,200 ETH).
Ethereum Taking The Spotlight From Bitcoin?
While Bitcoin remains the largest cryptocurrency by market cap, Ethereum is increasingly drawing institutional attention. In 2025, numerous firms have begun adding ETH to their balance sheets.
For example, Nasdaq-listed digital asset firm Bit Digital acquired 19,683 ETH last week, bringing its total holdings to over 120,000 ETH. The company currently ranks seventh among firms with the largest ETH reserves.
Similarly, Ethereum-focused firm BTCS Inc. recently unveiled plans to raise up to $2 billion, with the bulk of proceeds intended for expanding its ETH portfolio. At press time, ETH trades at $3,777, down 0.2% in the past 24 hours.
Featured image from Unsplash.com, charts from StrategicETHReserve.xyz and TradingView.com
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